Chubb Limited
Financials · Property & Casualty Insurance
Structural: largest pure-play global P&C insurer; commercial + HNW personal + A&H + life + reinsurance diversified across 54 countries. Combined ratio consistently sub-90 - best-in-class underwriting margin vs $TRV $AIG $ALL peers. $140B+ investment float compounds at rising reinvestment yields as the bond book rolls.
Berkshire Hathaway disclosed 6%+ stake 2024.
- Combined ratio 86-87 vs industry ~98; pricing power in commercial hard market
- Float yield expanding as legacy 2-3% bonds reprice to 5%+ on rollover
- HNW personal lines (Masterpiece) is a moat - Chubb owns the $5M+ home segment
- Asia life insurance (Cigna acquisition 2022) adds non-correlated growth leg
- Buffett endorsement + ongoing buybacks shrink share count
- Climate cat losses trending higher - California wildfires, FL hurricanes compress margins
- Commercial pricing cycle softening signals after 6 years of hardening
- Reserve releases moderating; social inflation pressuring casualty reserves
- Reinsurance retro costs rising, squeezing net retention
- Stock at premium-to-book multiple vs historical mid-cycle range
No key levels recorded for this ticker.